Wed AM Briefing Preparing For Our Emini Trading Room 09/11/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
RESOURCES:For Our Emini and Micros Futures Trading Room
TRANSCRIPT:
Welcome ES MES Futures Traders,
Good morning, traders! Happy CPI day. Today’s verse could relate to today: “For the gate is small and the way is narrow that leads to life, and there are few who find it.” Are you going to trade big today, or will you go small, if at all? The gate is small, it is narrow. You don’t have to trade today. You don’t have to do it, no sir, you sure don’t. You can tell the chart, “No, not today. Not today, devil.”
May the May inflation numbers go your way.
Welcome to the AM briefing number 258, where together we trade better. We are an ES MES Futures Trading room. If you’re looking for a group of traders with a very solid system, check us out at microstrader.com.
Today’s Tip of the Day:
The biggest candle I’ve seen on a CPI day is 100 points—that’s quite a move! Will we have that today? Doubtful, but it is possible. Your reminders: remember there are timestamps, a chart below, and I’ll put a level or two. Probably won’t put a level today—levels don’t matter today. It doesn’t matter at all.
If you’re new to my group, make sure you earn your badges. If you want to check us out, grab yourself a day or a week Zoom pass. If you like what we do here, please like, subscribe, share, and tell others about it. Just put a smiley face and let me know you’re there—I appreciate it!
News Drivers:
This is a contract rollover week. Price gets weirder starting now, going into the end of the week. Remember, double the expected move this week compared to last week, and we haven’t had a move yet—no sir, we haven’t. Yesterday was a beautiful chop day with a beautiful V-shaped recovery, and we’re going to talk about it.
Eyes are on the CPI, of course—Level 10 from here on out. I’ve changed Friday to Red; it was Yellow yesterday. With the contract rollover, it’s not a great day to trade. As Jesse Livermore says, “There are days to go long, days to go short, and days to go fishing.” What a wonderful five-day break you could have if you wanted, and there’d be nothing wrong with it.
Of course, next week is FOMC and OPEX—another Level 10 week, no question. The whole week is Level 10 next week. Monday will probably be boring, but after that, we shall see.
When we get on the charts, we’ll go through yesterday’s trading, wrap it up, and get out of here. We will be live in my group for the CPI candle, but before we get to the chart, a word from our sponsor, Trap the Trader.
Trap the Trader:
Now it’s time for America’s favorite game show, Trap the Trader! Let’s meet today’s contestants:
Johnny “I Just Have to Trade Every Day” Johnson
Sam “Never Saw a Short I Didn’t Short” Stevens
Malcolm “Make Matters Worse” Montgomery
Rusty “Reset” Roberts (back with a fresh set of 10 accounts)
Freddy “FOMO” Frederickson
And returning champion, Patrick “Predict Price” Patterson, who says, “It’s going up today!”
Traders, it’s all fun and games until the market opens. Until next time, don’t become a victim of Trap the Trader.
Yesterday’s Review:
I posted a chart on YouTube, down at the bottom. The 54-57.25 level was a key one I gave you to have on your chart. When we opened up, there was nothing for us to trade initially, then we saw a monster candle, which was followed by a pullback. At that point, I told the traders, “I’m done for the morning.” I came back in the afternoon to see if anything set up, but I quit at 11:00 AM, went to the grocery store, and enjoyed a cookout.
One thing we’re good at in our group is not getting caught shorting in these moves. We’re good at identifying and trading the turn. I just wasn’t great at holding it yesterday. One of my traders captured 11 points but missed out on 40 because of a miscalculation. When he first joined, he thought he’d only be making 1 or 2 points, but now he’s making 10-point trades weekly.
I went long at 61 with a one-tick stop, moving it once the trade went over two points, but I got stopped out. The candles didn’t quite match on the one-minute chart, and I missed a few opportunities. My eyes were on the overnight trendline, VWAP, and POC.
At the end of the day, I suggested price might move to a higher level, and it did, although not as far as I’d hoped. The key takeaway is not to counter a strong trend—liquidity seeks the RTH high.
Bull Bear Scorecard:
It doesn’t matter what the score is. Bulls make money, bears make money, and pigs get slaughtered. Be careful out there today. Stay green, my friends. To learn more about our group, go to microstrader.com.
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